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Billionaire Sir Jim Ratcliffe has confirmed that he is in the running to buy Manchester United from the Glazer family.
The Glazer family announced in November that they were looking for partners to buy Manchester United, and like Chelsea, the Red Devils have appointed the Raine Group to evaluate and bid for the club in this century's biggest deal.
The wealthiest man in England, Sir Jim Ratcliffe, has emerged as a heavy favorite in the race to buy Manchester United.
Yesterday, Ratcliffe's company, Ineos, announced that they have registered to participate in the auction for this deal. "We officially participate in the auction to buy Manchester United," the Ineos company said in a statement.
According to The Guardian, the bidding process for buying Manchester United is expected to last until mid-February. There are many proposals from America, the Middle East, and Asia in this case. Investors will have to submit documents and commit to evaluations before proceeding with the purchase.
Sir Jim Ratcliffe is a significant investor in the sports industry. He owns the Ineos Grenadiers cycling team and holds a significant stake in the Mercedes F1 team and the French football club Nice.
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In October last year, the wealthiest man in England emphasized his desire to invest more heavily in football, specifically with the goal of buying Manchester United. Sir Jim Ratcliffe had previously participated in the negotiations to buy Chelsea Football Club but ultimately withdrew. This time, it appears that the 70-year-old billionaire is more determined to own Manchester United.
It is estimated that the Glazer family could sell Manchester United for around £5 billion. This number is very large but Sir Jim Ratcliffe may be able to afford it. According to Forbes, the billionaire's assets are estimated to be around £15.5 billion. He amassed this wealth through his business in the chemical company Ineos, which is the fourth-largest chemical company in the world. In addition to this, Sir Jim Ratcliffe has also had success in the financial and industrial sectors.
"Sir Jim Ratcliffe has always made it clear he wants to buy a Premier League club. A few years ago he said Premier League clubs were overvalued, which is why he went and bought Nice for €100m. He said he wasn't going to spend billions of pounds on a Premier League club, but his attitude has changed over the past few years.
"His company has a lot of interest in different sports, he's somebody who grew up as a Manchester United supporter even though he regularly goes to watch Chelsea. Last year, he tried to buy Chelsea when they were put up for sale. He made a very, very late bid of about £4.25bn which matched the winning bid.
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